Average
Rent Increase
Luxury Living increases rent by +15% more than the market average.
CASE STUDY:
How we optimized the expiration schedule and increased rents by 16% creating +$4.5M of value for Spoke Apartments
Leasing
A stabilized property should continuously evaluate its strategy for retention and rent growth. Working in collaboration with property management and asset management, Luxury Living helps owner operators preserve and enhance the value of their properties. Our focus on expiration management, increased resources and optimized marketing spend helps secure the long term financial health of a property.
We provide stabilized properties the best opportunity to increase rents by creating an optimized expiration schedule. In doing so, we are able to create periods of scarcity throughout the year which drives renters to make faster decisions and lease for longer periods of time. Over time, the number of available units to lease decreases allowing for increased rent prices.
We have customized industry-leading technology to collect, analyze, and deliver competitive data sets with exceptional accuracy. This gives your property a unique advantage to price units based on real-time data and innovate from the typical manual nature of comp reporting in the multifamily industry.
We have streamlined the process to help property management set rents for upcoming renewals 100 days prior to the lease expiration. Our approach considers the long term success of your property by balancing retention with an optimized lease expiration schedule and overall rent growth.
Industry pricing practices typically use a more traditional approach and often miss opportunities for significant premiums. Our process evaluates unique unit features and livability in detail to create a pricing and concessions strategy that leverages both market comps and comparable units within the building itself.
We pride ourselves on best in class financial reporting delivered every Tuesday morning with cumulative showing and leasing activity reports, unit trending data, extensive tenant profile reports and leasing lifecycle analysis. We ensure a 100% transparent leasing process for all stakeholders.
We will review an existing rent roll to determine historical benchmarks and align goals for rent growth. In collaborating with property management and asset management on budget expectations, including marketing, gross potential rents, concessions and all other revenue driving items, we ensure minimal budget variance aligning all stakeholders.
Luxury Living is here to help you in all aspects of multifamily development. From pre-development consulting to marketing and leasing, we are Chicago’s multifamily leasing expert.
